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Futures Off Lows, Curve Still Steeper


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Portugal and Ireland are...>

EUROZONE T-BILL ISSUANCE: Portugal and Ireland are next up to sell bills this
week. Total Eurozone issuance will be E15.2bln, versus E18.8bln last week.
- RECAP: On Monday, Germany allotted E2.6bln of 6-month Dec 11, 2019 Bubill, and
the Netherlands sold E1.3bln each of 3-month Aug 30, 2019 DTC and 6-month Nov
29, 2019 DTC. Also Monday, France sold E4.9bln in 3-/6-/12 month BTFs: E2.8bln
of Sep 18, 2019 BTF, E1.1bln of Nov 20, 2019 BTF, and E1.0bln of May 20, 2020
BTF. On Tuesday, Spain sold a combined E1.4bln of 3-month Sep 13, 2019 Letra
(E0.4bln) and 9-month Mar 6, 2020 Letra (E1.0bln). Also Tuesday, the ESM sold
E2bln in new 6-month Dec 19, 2019 bills. On Wednesday, Portugal sold a combined
E1.25bln in 3-month Sep 20, 2019 BT and 12-month May 15, 2020 BT. 
- ISSUANCE: On Thursday, Ireland sells E0.5bln of new 12-month Jun 22, 2020
- CASH FLOW: With E9.2bln in redemptions (Germany E5bln, France E3.8bln, Ireland
E0.5bln), net cash flow will come in at positive E6.0bln, vs negative E0.4bln
last week. ** For full details, please see MNI Eurozone T-Bill auction calendar.